Belt and Road

*Most recent available data
Source: Economist Intelligence Unit

Political Highlights

Located in the western Africa, Togo gained independence from France in 1960. It is a presidential republic where the president, elected by universal suffrage for a five-year team, is both the Head of State and Chief of Government. The president appoints all key ministers, including the prime minister, who also serves for a five-year term. Currently, political power rests mainly with president Faure Gnassingbé, who has been in power since 2005 and was re-elected in 2010 and 2015. The legislature is the unicameral National Assembly composing of 91 members. In the legislative election held in December 2018, the ruling Union for the Republic (UNIR) won 59 seats in the parliament.

Economic Trend

*Estimate ^Forecast
Source: Economist Intelligence Unit

Source: Economist Intelligence Unit

Political Highlights

Nigeria gained independence from the United Kingdom in 1960 and became a member country of the Commonwealth. It is a federal republic with the president as Head of State and Head of Government, elected by universal suffrage to serve a four-year term. The legislature is a bicameral National Assembly made up of a House of Representatives with 360 seats and a Senate with 109 seats, each elected for a four-year term. In the presidential election in March 2015, opposition candidate Muhammadu Buhari of the All Progressives Congress (APC) defeated the incumbent President Goodluck Jonathan of the People’s Democratic Party (PDP). Political instability remains in the country as there was little progress in economic reform and the relationship between Buhari, the legislature and some members of his APC have been strained in recent months. In July 2018, 15 senators quit the ruling APC, making it a minority in the upper house.

Economic Trend

* Forecast
Source: International Monetary Fund

Nigeria is one of Africa’s wealthiest economies and is vulnerable to fluctuations in international prices and demand for oil and gas, which accounts for more than 90% of its export earnings. The recovery of oil prices and growth in agriculture, telecommunications and services sectors brought the country out of recession and growth for 2018 is projected to expand further to 2.1%. However, despite being the largest oil producer in Africa, the country has struggled to translate its resource wealth into rising living standards, and has overtaken India with the largest number of people living in extreme poverty.

Hong Kong – Nigeria Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Nigeria decreased by 4.6% from HK$5.3 billion in 2016 to HK$5.1 billion in 2017. The top three export categories to Nigeria were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-3.9%), (2) office machines and automatic data processing machines (+10.3%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (-43.3%), which represented 97.0% of total exports to Nigeria.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Nigerian buyers. In the past 12 months (from December 2017 to November 2018), there was no claim payment or payment difficulty case reported against Nigerian buyers.

Please click here to download the charts (PDF format).

Last update: 4 December 2018

Source: Economist Intelligence Unit, World Trade Organization

Political Highlights

Kenya is a unitary republic with the President as both the head of state and head of government. Uhuru Kenyatta won his second term as president in October 2017. Though the most prominent opposition leader, Raila Odinga, defied the election result and sworn in as “president of the people” at a mass meeting in January 2018, the two leaders finally promised to begin reconciliation in March 2018. Expanding manufacturing sector, food security, health and housing will remain the government’s major agenda for the coming years.

The country’s foreign policies have been mainly driven by economic interests, especially the maintenance of close relations with key donors in the West and the advancement of regional integration within the East African Community (EAC). The country has seen an upsurge in violent terrorist attacks since 2011 and the main threat is from a militant group in Somalia opposed to the Somali government. The Kenyan authorities have increased security to counter potential reprisal attacks from the extremists.

Economic Trend

* Forecast
Source: International Monetary Fund

Kenya has been one of the fastest growing economies in Africa, supported by strong growth from the agriculture and tourism sectors. Agriculture contributed close to one-third of the country’s GDP and remains as the backbone of the economy. The country achieved an average annual growth of 5% in the past eight years. The key growth drivers included infrastructure spending and buoyant household consumption, underpinned by strong underlying demand for goods and services.  Economic expansion declined slightly in 2017 with higher current account deficit and accelerated inflation, attributable to a severe drought and the political turmoil from the presidential election. The country is projected to recover in 2018 on the back of increased private consumption and a normalisation of the weather.

Despite an overall uptick in economic growth, the International Monetary Fund (IMF) warned the country’s growing risk of debt distress. In response, the government is taking steps towards fiscal consolidation and is expected to enhance revenue collection efforts while rationalizing expenditure to boost fiscal stability.

Hong Kong – Kenya Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Kenya increased by 23.9% from HK$1,322 million in 2016 to HK$1,638 million in 2017. The top three export categories to Kenya were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-23.7%), (2) office machines and automatic data processing machines (+360.3%), and (3) textile yarn, fabrics, made-up articles, and related products (+66.7%), which represented 85.8% of total exports to Kenya.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Kenyan buyers. Currently, the insured buyers in Kenya are mainly small and medium sized companies. For 2017, the number and amount of credit limit applications on Kenya increased 80% and decreased 55.9% respectively, while insured business decreased by 26.5%. Major insured products were chemical products, toys, and electrical appliances, which represented 96.3% of ECIC’s insured business on Kenya. The Corporation’s underwriting experience on Kenya has been satisfactory, with no claim payment or payment difficulty case reported during the past 12 months (from Nov 2017 to Oct 2018).

Please click here to download the charts (PDF format).

Last update: 3 December 2018

*Most recent data available
Source: Economist Intelligence Unit, World Trade Organization

Political Highlights

Mozambique was independent from Portugal in 1975 and joined the Commonwealth. It is a republic with an executive president. The president is the head of state and government, directly elected every five years for a maximum of two terms, and appoints the prime minister and council of ministers. The national legislature is the 250-member parliament, of which members are elected by direct universal suffrage every five years. The country’s municipal elections were held in October 2018. The ruling party, the Frente de Libertação de Moçambique (Frelimo), won 44 municipalities out of the total 55, which the result was contested by the opposition party. The next presidential, legislative and provincial elections are scheduled in October 2019.

Economic Trend

* Forecast
Source: International Monetary Fund (IMF)

The Mozambican economy slowed from 2015 because of a series of shocks, including lower commodity prices and adverse weather conditions. The economy expanded 3.3% in the first three quarters of 2018, supported by contributions from a broad range of economic sectors, including agriculture. Tight monetary conditions and lower food price increases have led inflation to decline rapidly to 4.7% year-on-year in October 2018. Public debt has been rising at an unsustainable pace and debt has remained in distress with several payments on external borrowing missed. In September 2018, Fitch has reaffirmed the country’s long-term foreign currency credit rating at "RD" (Restricted Default), which reflects its failure to cure the default on debt to external commercial creditors.

Hong Kong – Mozambique Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Mozambique increased by 64.5% from HK$187 million in 2016 to HK$308 million in 2017. The top three export categories to Mozambique were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+114.6%), (2) office machines and automatic data processing machines (+15.0%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (+37.2%), which represented 96.8% of total exports to Mozambique.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on buyers in Mozambique with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from November 2017 to October 2018), there was no insured business on Mozambique.

Please click here to download the charts (PDF format).

Last update: 23 November 2018

*Most recent data available
Source: Economist Intelligence Unit, World Trade Organization

Political Highlights

Ghana is a relatively stable democratic country and is often seen as a model for political and economic reform in Africa. In the general elections held in December 2016, Nana Akufo-Addo of the centre-right New Patriotic Party (NPP) was elected as president, defeating the incumbent John Mahama of the National Democratic Congress (NDC). The NPP had taken a majority of seats in the parliament and the transition of power went smooth. The new government started to address public finances and the implementation of the Public Financial Management (PFM) law is expected to bolster government effectiveness going forward. The next general elections are due in November 2020.

Economic Trend

* Forecast

Source: International Monetary Fund (IMF)

Ghana is endowed with various abundant natural resources making it one of the richest countries in Africa.  The agricultural sector is vital to the economy which accounts for nearly one-quarter of its GDP and employs more than half of the workforce. Gold and cocoa exports are major sources of foreign exchange. Its economic outlook turned considerably brighter with the discovery of major offshore oil deposits in 2007. Economic growth rebounded in 2017 driven by narrowed current account deficit mainly on the back of increased oil and gas production, while imports were subdued. The country’s debt ratio remained high which primarily consisted of bond liabilities from the energy related sector and it is expected that the stronger growth outlook will contribute to a gradual decline in the coming years.

Hong Kong – Ghana Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Ghana decreased by 26.9% from HK$ 1,476 million in 2016 to HK$ 1,078 million in 2017. The top three export categories to Ghana were: (1) telecommunications, audio & video equipment (-8.6%), (2) office machines and automatic data processing machines (+63.5%), and (3) non-ferrous metals (+5.5%), which represented 92.7% of total exports to Ghana.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Ghanaian buyers. In the past 12 months (from November 2017 to October 2018), there was no claim payment or payment difficulty case reported against Ghanaian buyers.

Please click here to download the charts (PDF format).

Last update: 21 Nov 2018

Political Highlights

Sierra Leone, located on the west coast of Africa, is a presidential republic which gained independence from Britain in 1961. The president is both the head of state and chief of government, who is elected by popular vote to serve a five-year term. The president is responsible for appointing the vice president as well as the cabinet ministers. The current president Julius Maada Bio of Sierra Leone People's Party (SLPP) took office in April 2018. The country has a unicameral legislative with 146 members in the Parliament. In the legislative election 2018, the opposition All People's Congress (APC) won 68 seats and the ruling party SLPP won 48 seats.

Economic Trend

^ Forecast
Source: International Monetary Fund (IMF)

With nearly half of the working-age population engages in subsistence agriculture, the country has in recent years become more dependent on mining, particularly iron ore. Economic growth in 2017 slowed due to a weak recovery in mineral production, with the growth of iron ore production falling short of market expectation. Besides, the non-iron ore economy grew by only 3.6% in 2017, slowed from a 4.3% growth in 2016 largely due to a fall in construction activities following the slowdown in public investment in infrastructure. In November 2018, the IMF has approved a new US$172 million loan program to help the country combat rising inflation and lackluster economic growth.

Hong Kong – Sierra Leone Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Sierra Leone increased by 34.4% from HK$54.13 million in 2016 to HK$72.74 million in 2017. The top three export categories to Sierra Leone were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+45.9%), (2) electrical machinery, apparatus and appliances and electrical parts thereof (-24.2%), and (3) machinery specialized for particular industries (+123.4%), which represented 94.5% of total exports to Sierra Leone.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on buyers in Sierra Leone with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from November 2017 to October 2018), there was no insured business on Sierra Leone.

Please click here to download the charts (PDF format).

Last update: 20 November 2018

* Most recent data available
Source: Economist Intelligence Unit

Political Highlights

Situated along the south Atlantic coast of Africa, Namibia is a presidential republic which gained independence from South Africa in 1990. The president, who is elected for a five year term, is the head of state and the chief of government. The country adopts a bicameral legislature consisting of a 42-seat upper house and a 104-seat lower house. The ruling party, the South West Africa People's Organisation (SWAPO), has dominated the political scene since independence and has a widespread presence throughout the country. Currently, the SWAPO holds absolute majority in both houses of parliament. The next presidential and legislative elections will take place in 2019.

Economic Trend

^Forecast
Source: The International Monetary Fund (IMF)

Namibia possesses rich deposits of natural resources, including diamonds, uranium, copper and gold. In particular, it is one of the world’s largest producers of uranium. The economy is highly influenced by the performance in its mining sector, which accounts for more than half of the foreign exchange earnings. The economy reached a turning point since 2016 and contracted by about 1% in 2017, as the temporary stimulus from large constructions in the mining sector dissipated, and the government continued consolidating to stabilize public debt. The IMF projects the economy to recover gradually in 2018 and return to positive growth in 2019, supported by a rebound in construction activities.

Hong Kong – Namibia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Namibia decreased by 8.9% from HK$94 million in 2016 to HK$86 million in 2017. The top three export categories to Namibia were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+13.7%), (2) office machines and automatic data processing machines (-68.0%), and (3) electrical machinery, apparatus and appliances and electrical parts thereof (-52.2%), which represented 93.7% of total exports to Namibia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restriction on covering Namibian buyers. In the past 12 months (from November 2017 to October 2018), there was no insured business on Namibia.

Please click here to download the charts (PDF format).

Last update: 15 November 2018

*Most recent data available
Source: Economist Intelligence Unit, World Trade Organization

Political Highlights

Côte d’Ivoire (also known as Ivory Coast) became independent from France in 1960. It is a presidential republic whereby the president is both the head of state and head of government, while the legislature consists of the National Assembly with 255 members elected by universal suffrage for a five-year term. President Alassane Ouattara was re-elected in the last presidential election which took place in October 2015 for another 5 years term. Political tensions in the country have been tense, marked by conflicts over land and ethnicity, with the anticipation to rise again ahead of the 2020 presidential elections. In July 2018, Ouattara dissolved the government amid tensions between his ruling party Rally of the Republicans (RDR) and its coalition partner, the Democratic Party of Ivory Coast (PDCI) in the governing coalition. Prime Minister Amadou Gon Coulibaly was re-appointed to form a new cabinet. The rest of the government, including the key posts of finance and defence minister, remains vacant.

Economic Trend

* Forecast
Source: International Monetary Fund

Economic performance in Côte d’Ivoire has been impressive since 2012 with an average annual growth of about 9%. Economic activity was buoyant in 2017 despite external price shocks and social tensions. Real GDP growth was 7.8% for 2017, driven by high cocoa exports and crops due to favorable climatic conditions. Growth has been accompanied by a modest decline in poverty. However, the positive outlook is subject to risks from rising public debt coupled with tighter global financing conditions.

Hong Kong – Côte D’Ivoire Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Côte d’Ivoire increased by 30.5% from HK$283 million in 2016 to HK$369 million in 2017. The top three export categories to Côte d’Ivoire were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+48.9%), (2) non-ferrous metals (-10.3%), and (3) office machines and automatic data processing machines (-62.8%), which represented 90.5% of total exports to Côte d’Ivoire.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on buyers in Côte d’Ivoire with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from November 2017 to October 2018), there was no insured business on Côte d’Ivoire.

Please click here to download the charts (PDF format).

Last update: 12 November 2018

Source: World Bank

Political Highlights

Grenada was independent from Britain and joined the Commonwealth in 1974. It is a constitutional monarchy with Queen Elizabeth II as the head of state and she is represented by the Governor General. The country adopts a bicameral legislature consisting of the House of Representatives with 15 members elected by universal suffrage for a five-year term, and the Senate with 13 members appointed for a five-year term by the Governor-General in consultation with the Prime Minister and the leader of the opposition. The Prime Minister serves as the head of the government and appoints the cabinet. The current government headed by Prime Minister Keith Mitchell led his New National Party (NNP) to an historic clean sweep of all 15 seats of the lower house in the election held in March 2018, having won the election on the strength of the favorable economic performance.

Economic Trend

*Estimate ^Forecast
Source: The International Monetary Fund (IMF)

Grenada has a small and open economy in the Caribbean Sea. The country is the world’s second largest producer of nutmeg. Over the past two decades, the economy has transformed from an agriculture-dominant to a services-dominant one, with tourism serving as the leading foreign currency earning sector. In 2017, Grenada experienced its fifth consecutive year of growth, driven by strong activity in construction, tourism, and education sectors.

The economy is projected to continue its growth for 2018 and 2019, thanks to supportive global economic conditions and continued strength in construction and tourism. While the outlook remains positive, the IMF said in a statement that continued policy resolve and public support for reforms are critical to restoring debt sustainability, improving medium‑term growth prospects, and strengthening the financial sector. Besides, the country’s current account deficit has widened in 2017, reflecting higher import growth. The deficit is projected to widen further in 2018 mostly due to recent increases in energy costs.

Hong Kong – Grenada Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Grenada decreased by 33.4% from HK$6.2 million in 2016 to HK$4.2 million in 2017. The top three export categories to Guinea were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+809.8%), (2) travel goods, handbags and similar containers, and (3) electrical machinery, apparatus and appliances and electrical parts thereof (+66.7%), which represented 82.8% of total exports to Grenada.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on buyers in Grenada with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from November 2017 to October 2018), there was no insured business on Grenada.

Please click here to download the charts (PDF format).

Last update: 9 November 2018

Source: Economist Intelligence Unit, World Trade Organisation
*Most recent data available

Political Highlights

Gabon, located on the west coast of Africa, is a presidential republic which gained independence from France in 1960. The president is both the head of state and chief of government, who is elected by popular vote for a seven-year term. The president appoints the prime minister, who is responsible for appointing the members of the Council of Ministers through consultation with the head of state. Currently, political power rests mainly with president Ali Bongo Ondimba, who has assumed office since 2009 and won his second term of office in 2016. The ruling party Parti démocratique gabonais (PDG) and its allies have won the parliamentary elections by an absolute majority in October 2018 and will continue to dominate the political landscape.

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

*Most recent data available
Source: Economist Intelligence Unit, World Trade Organization

Political Highlights

Gambia is a unitary republic with the president as both the head of state and head of government elected by universal suffrage for a five-year term. Adama Barrow was elected as the country’s president in Jan 2017 after a 22 years rule by the former president Yahya Jammeh. Barrow’s allies and the ruling party United Democratic Party (UDP) won an absolute majority in the parliamentary elections in April 2017 and local elections in April 2018, supporting the new government and creating a more supportive political environment for reform. After two decades of authoritarian ruling by Jammeh, the new government outlined its 2018-2021 reform program seeking to restore the rule of law, deepen democracy, advance transitional justice, and transform the security sector. The next presidential election is scheduled in 2020 (Barrow has declared that he will serve only a three-year term).

Economic Trend

* Forecast
Source: International Monetary Fund

Gambia is one of the countries with the lowest GDP per capita. Its economy depends on trade, agriculture and tourism with over 70% of populations working in the agricultural sector. Economic activity in 2017 has rebounded as a result of improved trade relation with Senegal, favorable weather conditions and a pick-up in tourism. However, the country’s debt vulnerability remains high with large amount of external and domestic debt as well as a large pipeline of already-contracted loans that pose risks to solvency. In May 2018, the IMF has warned against the country’s high debt and added the government should strictly limiting reliance on external borrowing, even on concessional terms.

Hong Kong – Gambia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Gambia increased by 567.9% from HK$8.9 million in 2016 to HK$59.6 million in 2017. The top three export categories to Gambia were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+687.2%), (2) general industrial machinery and equipment and machine parts (+1,615.2%), and (3) organic chemicals (2016: nil), which represented 98.7% of total exports to Gambia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Gambian buyers with payment terms in Irrevocable Letter of Credit (ILC).  In the past 12 months (from October 2017 to September 2018), there was no insured business on Gambia.

Please click here to download the charts (PDF format).

Last update: 30 October 2018

Source: Economist Intelligence Unit

Political Highlights

Chad is a landlocked nation in central Africa. The president, directly elected by universal suffrage, serves as both the chief of state and head of government. The incumbent president, Idriss Deby, who took power in 1990, has dominated the country's politics since then. The country adopts a unicameral legislature with 188 members in the National Assembly. The governing party Mouvement patriotique du salut (MPS) holds an absolute majority in the parliament and has a widespread presence throughout the country. Election for the parliament was originally due to be held in 2015, but had been delayed several times due to lack of sufficient funds and is now scheduled for February 2019.

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Chad Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Chad increased by 40.0% from HK$25.86 million in 2016 to HK$36.19 million in 2017. The top three export categories to Chad were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+98.3%), (2) office machines and automatic data processing machines (+5.7%), and (3) electrical machinery, apparatus and appliances and electrical parts thereof (+2.7%), which represented 96.1% of total exports to Chad.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Chadian buyers with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from October 2017 to September 2018), there was no insured business on Chad.

Please click here to download the charts (PDF format).

Last update: 26 October 2018

*Most recent data available
Source: Economist Intelligence Unit

Political Highlights

The Republic of Congo (referred to as “Congo”) is a presidential republic whereby the president acts as head of state and elected by universal suffrage to a maximum of three five-year terms. Current president, Denis Sassou Nguesso, was re-elected in March 2016 for his third term. The position of prime minister was reinstated in the 2015 constitutional referendum as head of government. Former finance minister Clement Mouamba was appointed as prime minister in 2016 to head a cabinet. The political environment has been relatively stable given the ruling Parti congolais du travail (PCT) won an absolute majority of 90 seats out of 151 at the National Assembly. The next presidential and legislative elections are due in 2021 and 2022 respectively.

Though there were sustained fiscal adjustments since 2015, the country’s economy remained imbalance with large and unsustainable debts.  The debt-laden has been trying to secure a bailout from International Monetary Fund (IMF) since 2017, which the IMF has asked the country to take bold and immediate governance reforms especially on anti-corruption effort before any package is considered.

Economic Trend

* Forecast
Source: International Monetary Fund

Congo is Africa's fourth-largest oil producer and its economy depends heavily on oil. The country encountered contraction for the past two years after a slump in oil prices. It is expected the economy will pick up in 2018 upon commercial production from new oilfields, including the deep offshore Moho North project and the Banga Kayo oilfield. Furthermore, the country’s fiscal and external imbalances are expected to reduce through fiscal consolidation efforts, the central bank’s tighter monetary policy and stricter enforcement of regulations. In Sep 2018, Standard & Poor’s raised its sovereign credit rating to B-/B from CCC+ with a stable rating outlook, citing the high external and fiscal vulnerabilities will lessen significantly in the coming years on higher oil production and prices.

Hong Kong – Congo Verde Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Congo decreased by 12.8% from HK$175.5 million in 2016 to HK$153 million in 2017. The top three export categories to Congo were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-3.8%), (2) electrical machinery, apparatus and appliances, and electrical parts thereof (-33.9%), and (3) office machines and automatic data processing machines (+22.8%), which represented 87.2% of total exports to Congo.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Congolese buyers with payment terms in Irrevocable Letter of Credit (ILC).  In the past 12 months (from October 2017 to September 2018), there was no insured business on Congo.

Please click here to download the charts (PDF format).

Last update: 25 October 2018

*Most recent data available
Source: Economist Intelligence Unit, World Trade Organization

Political Highlights

Cabo Verde is a unitary republic with the president as the head of state elected by universal suffrage to a maximum of two five-year terms. Current president, Jorge Carlos Fonseca, was re-elected in October 2016 for his second term. The prime minister is the head of government appointed by parliament. José Ulisses de Pina Correia e Silva sworn in as prime minister in April 2016 after his Movimento para a Democracia (MPD) ousted the ruling Partido Africano da Independência de Cabo Verde (PAICV) for the first time in 15 years. The political environment is relatively stable given the MPD’s absolute majority in the National Assembly. The next legislative and presidential elections are due in 2021.

Cabo Verde has made significant progress over the last few decades in economic and social development. The government's priorities are boosting growth and employment, promoting economic diversification and reining in the high public debt.

Economic Trend

* Forecast
Source: International Monetary Fund (IMF)

Cabo Verde comprises 10 islands and five islets. The economy mainly reliant on tourism and trade. With a more favorable external environment and double digit-growth in tourist arrivals, the country’s economy grew strongly in 2017.  However, the country remains dependent on oil imports that will result in higher inflation and widening current account deficit amid rise in global oil price. In addition, to combat the high level of government debts, IMF suggested to accelerating the reform process of loss-making state-owned enterprises to reduce government’s support to them. In August 2018, S&P affirmed their “B” rating and stable outlook, citing the risks of weaker-than-anticipated fiscal trajectory and balance-of-payments performance are offset by reasonably strong economic growth.

Hong Kong – Cabo Verde Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Cabo Verde increased by 265.9% from HK$12.6 million in 2016 to HK$46.2 million in 2017. The top three export categories to Cabo Verde were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+336.9%), (2) office machines and automatic data processing machines (+129.3%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (+1,056.8%), which represented 99.5% of total exports to Cabo Verde.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restriction on covering Cabo Verdeans buyers.  In the past 12 months (from October 2017 to September 2018), there was no insured business on Cabo Verde.

Please click here to download the charts (PDF format).

Last update: 23 October 2018

*Most recent data available
Source: Economist Intelligence Unit, World Trade Organization

Political Highlights

Cameroon is a unitary republic dominated by a strong presidency. The president retains the power to control legislation and rule by decree. Incumbent President Paul Biya has been in power since 1982, making him one of Africa's longest-serving rulers. In October 2018, Biya was re-elected for another seven-year term.

Economic Trend

* Forecast

Source: International Monetary Fund (IMF)

Cameroon is the largest economy in the six-nation Central African Economic and Monetary Community (CEMAC) economic bloc. The country’s macroeconomic performance has been mixed against the backdrop of slower economic activity and rising security concerns. Economic growth in 2017 slowed mostly owing to a 17% decline in oil production, while the non-oil sector activity remained buoyant and grew 4.7% led by construction, food industry and services. According to the IMF, growth is expected to rebound to 3.8% in 2018, driven by the start of natural gas production, construction for the 2019 Africa Cup of Nations and improved energy supply.

Hong Kong – Cameroon Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Cameroon decreased by 36.6% from HK$914 million in 2016 to HK$579 million in 2017. The top three export categories to Cameroon were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-38.2%), (2) office machines and automatic data processing machines (-4.7%), and (3) power generating machinery and equipment (+10451.2%), which represented 95.7% of total exports to Cameroon.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restriction on covering Cameroonian buyers. In the past 12 months (from October 2017 to September 2018), there was no insured business on Cameroon.

Please click here to download the charts (PDF format).

Last update: 19 Oct 2018

*Most recent data available
Source: Economist Intelligence Unit, World Trade Organization

Political Highlights

Mauritania gained independence from France in 1960. It is an Islamic republic with the president as Head of State and its constitution is grounded in French civil law and sharia (Islamic law). Mohamed Ould Abdel Aziz became the country’s president since 2009 and he named Yahya Ould Hademine as new prime minister in 2014. In the parliamentary election held in September 2018, the ruling Union pour la République (UPR) remained the single largest party and has won 89 of 157 seats. The next presidential election is due in mid-2019.

Economic Trend

* Forecast
Source: Economist Intelligence Unit

Mauritania’s major industries included extraction (iron ore, gold and copper), fisheries and agriculture. Over half of the population relies on farming and raising livestock. The country registered a 3.5% economic growth in 2017, and growth in 2018 is expected to slow due mainly to the delayed impact of the drought on agriculture.  Inflation remained moderate at 2.3% on average in 2017, reflecting low global food price rises and stable non-tradable prices.

Hong Kong – Mauritania Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Mauritania decreased by 65.2% from HK$23.5 million in 2016 to HK$8.2 million in 2017. The top three export categories to Mauritania were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-74.6%), (2) electrical machinery, apparatus and appliances, and electrical parts thereof (-12.5%), and (3) professional, scientific and controlling instruments and apparatus (+32.1%), which represented 83.4% of total exports to Mauritania.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Mauritanian buyers with payment terms in Irrevocable Letter of Credit (ILC).  In the past 12 months (from October 2017 to September 2018), there was no insured business on Mauritania.

Please click here to download the charts (PDF format).

Last update: 16 October 2018

Source: Economist Intelligence Unit
*Most recent data available

Political Highlights

Burundi is a presidential republic which gained independence from Belgium in 1962. The president is the head of state, head of government and commander-in-chief of the armed forces, who is elected by popular vote for a five-year term. The incumbent president Pierre Nkurunziza won his third term in July 2015 and the next presidential election is scheduled for 2020.

Burundi has a long history of civil conflicts involving its competing ethnic groups between the Hutu majority (85% of the population) and the Tutsi minority (15% of the population). A brutal civil war broke out in 1993 which had severely battered the economy. Despite a peace agreement between the Hutu and Tutsi was signed in 2000, peace remained elusive as violence persisted in some parts of the country. The country faced another political unrest in 2015 sparked by the opposition against president Nkurunziza’s bid to stand for his third term of office.

Economic Trend

^ Forecast
Source: Economist Intelligence Unit, International Monetary Fund (IMF)

Source: Economist Intelligence Unit

Political Highlights

Guinea is a presidential republic located in the western Africa. The president, directly elected for a five-year team by universal suffrage, is both the Head of State and Chief of Government. The president appoints all key ministers, including the premier minister, and selects officials on most administrative levels. Currently, political power rests mainly with president Alpha Conde, who has assumed office since 2010 and gained his second term of office in the 2015 election. Local elections were held in February 2018, the first time since 2005. Ibrahima Kassory Fofana was named the country’s new prime minister and a new government took office in May 2018. Looking ahead, parliamentary elections are scheduled in early 2019 and presidential elections in 2020.

Economic Trend

* Estimate ^ Forecast # Actual
Source: International Monetary Fund (IMF)

*Most recent data available
Source: Economist Intelligence Unit

Political Highlights

Angola gained independence from Portugal in 1975. It is a presidential republic where the president is both the head of state and head of government. In 2017, though narrowing compared to previous elections, the Movimento Popular de Libertação de Angola (MPLA) party won a comfortable (two-third) majority in the National Assembly and retained control of the executive branch. João Lourenço was elected President, replacing José Eduardo dos Santos who stepped down after 38 years in power. Lower oil prices and an unsustainable policy mix in the run up to the August 2017 elections placed the Angolan economy under stress. The Government of President João Lourenço is now focusing on restoring macroeconomic stability and improving governance and business environment.

On the diplomatic front, there has been a structural shift in Angola's export markets in recent years, away from the US, which is steadily reducing its oil imports, and towards Asia, particularly China. In October 2018, Angola secured US$2 billion financing from the China Development Bank for infrastructure projects on João Lourenço’s first visit to Beijing.

Economic Trend

* Forecast 
Source: Economist Intelligence Unit, International Monetary Fund

Angola is the third largest economy and second largest oil exporter in sub-Saharan Africa. Its economy is highly dependent on oil for both exports (over 90%) and fiscal revenue (around 50%). Lower oil prices since 2014 placed the Angolan economy under stress. Angola's currency and external debt face mounting pressure, with inflation running high at more than 20% a year and at least one in five of working age is jobless. The economy recovered modestly in 2018 but remains weighed down by an 8% contraction in the oil industry. In August 2018, credit rating agency Standard & Poor’s (S&P) has kept Angola’s rating unchanged at “B” in both local and foreign currency, as well as a stable economic outlook. In the statement, S&P expects the higher oil price will help Angola to reduce its budget deficit in the medium term and government reforms will support higher economic growth and government debt reduction from 2019 onward.

Hong Kong – Angola Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Angola increased by 15.0% from HK$180 million in 2016 to HK$207 million in 2017. The top three export categories to Angola were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+74.1%), (2) electrical machinery, apparatus and appliances, and electrical parts thereof (-34.0%), and (3) office machines and automatic data processing machines (-49.8%), which represented 82.0% of total exports to Angola.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restriction on covering Angolan buyers. In the past 12 months (from October 2017 to September 2018), there was no insured business on Angola.

Please click here to download the charts (PDF format).

Last update: 12 October 2018

Source: Economist Intelligence Unit

Political Highlights

Djibouti is a unitary republic wherein the president is the head of state elected by universal suffrage and serves a five years term. President Ismaël Omar Guelleh has ruled the country since 1999 and was last re-elected in 2016 with 87% of the votes. Guelleh's party, the Union pour la majorité présidentielle (UMP), also widened its majority in parliament by winning 57 of the 65 seats in the legislative elections held in February 2018.

In the medium term, positioning Djibouti as a regional trading and logistics hub will be the government's primary objective. Neighbor Ethiopia, with a population of over 100 million people and a rapidly growing economy, has long been dependent on Djibouti for its global import and export needs. Ethiopia accounts for more than 80% of traffic through Djibouti's ports and supplies the country with drinking water and hydropower, which reduces Djibouti's reliance on imported oil. The economic links between the two countries have brought considerable investment including the Djibouti-Addis Ababa railway which was officially inaugurated in January 2018, shortening travel time for goods and passengers.

Economic Trend

* Forecast
Source: Economist Intelligence Unit

Djibouti’s economy is dependent on foreign financing, foreign direct investments, rents from foreign countries’ military bases, and port services, which capitalize on both the country’s strategic location at the southern entrance to the Red Sea and on being Ethiopia’s main external trade route. The country’s economic activity in recent years has remained buoyant, boosted by major public sector projects, in particular the railroad to Ethiopia, the construction of several new ports and a water pipeline from Ethiopia. However, despite the remarkable growth, poverty remains high with more than 23% of the population living in extreme poverty.
 

Hong Kong – Djibouti Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Djibouti increased by 301.4% from HK$15.4 million in 2016 to HK$61.9 million in 2017. The top three export categories to Djibouti were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+386.3%), (2) office machines and automatic data processing machines (+4523.7%), and (3) professional, scientific and controlling instruments and apparatus (+5362.4%), which represented 67.3% of total exports to Djibouti.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restriction on covering Djibouti buyers. In the past 12 months (from October 2017 to September 2018), there was no insured business on Djibouti.

Please click here to download the charts (PDF format).

Last update: 10 Oct 2018

Source: Economist Intelligence Unit

Political Highlights

Somalia was a British protectorate until 1960 and collapsed into anarchy following the overthrow of the military regime of President Siad Barre in 1991. Although an internationally-backed government was established in 2012, the country continues to suffer from the effects of almost thirty years of civil war which has raged across all three largely autonomous zones: Somaliland, Puntland and South Central Somalia. The president is the head of state of Somalia and the commander-in-chief of the Somali Armed Forces. The current president is Mohamed Abdullahi Mohamed elected in 2017. The next legislative and presidential elections are scheduled for 2020, when the government is planning to hold the first popular vote in decades.

Political conditions remain challenging from both internal and external perspectives. Internally, recent armed conflict between Somaliland and Puntland could pose a risk to regional stability. Externally, relations with foreign partners will remain crucially important for the country’s overall stability, given its dependence on aid and foreign militaries.

Economic Trend

*Forecast
Source: International Monetary Fund (IMF)

Despite recent progress on state and peace building and economic reform, Somalia continues to face significant development and social challenges. The pastoral livestock industry is the mainstay of the economy, employing around 60% of the population and generating an estimated 80% of the country's foreign-exchange receipts. However, the severe drought in 2016-17 devastated the industry and it will take several years for herders to rebuild their livelihoods. While the ongoing favorable rainy season in 2018 may support economic recovery, recent floods in central and southern Somalia could lead to food insecurity in some areas. The authorities are developing programs, with the help of donors, to improve overall economic and social resilience.

Hong Kong – Somalia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Somalia increased by 7.1% from HK$13.5 million in 2016 to HK$14.5 million in 2017. The top three export categories to Somalia were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+1495.5%), (2) office machines and automatic data processing machines (+67.3%), and (3) professional, scientific and controlling instruments and apparatus (-42.6%), which represented 74.1% of total exports to Somalia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Somalia buyers with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from October 2017 to September 2018), there was no insured business on Somalia.

Please click here to download the charts (PDF format).

Last update: 8 Oct 2018

* Most recent data available
Source: Economist Intelligence Unit, World Trade Organization

Political Highlights

Algeria is the largest country in Africa which emerged as a republic in 1962. The president, directly elected by universal suffrage, is the Head of State and Commander-In-Chief of the armed forces for a five-year term. The president appoints the prime minister as Head of Government, who subsequently appoints the members of the Council of Ministers. Currently, political power rests mainly with president Abdelaziz Bouteflika, who has assumed office since 1999 and gained his fourth term of office in the 2014 election. The next presidential election is due in April 2019.

On the diplomatic front, Algeria will seek to maintain its close ties with Europe, as Europe is the major market for its gas exports. On the other hand, Algeria’s relation with its neighbor Morocco remains complicated by their opposing views on the status of the disputed territory of Western Sahara.

Economic Trend

*Estimate ^Forecast
Source: Economist Intelligence Unit

*Most recent data available
Source: Economist Intelligence Unit

Political Highlights

Costa Rica is a presidential republic wherein the president is the Head of State and Head of Government elected by universal suffrage for a four-year term. The country’s political environment has been relatively stable in the past years. Re-election of the president and vice-president is permitted, but not consecutively. Carlos Alvarado Quesada, a former cabinet minister belonging to the Partido Accion Ciudadana (PAC) party, took office as President in May 2018.

To address the country's growing fiscal deficit, the government has published its plan to a new Value Added Tax (VAT) regime to replace its existing sales tax system. The main purpose of the tax reform is to convert the sales tax of 13% into a VAT with the same rate, and expand it to goods and services that are currently from exemption.

Economic Trend

* Forecast
Source: Economist Intelligence Unit

Costa Rica is one of the most popular tourist destinations in Central America. Its traditional agricultural exports of bananas, coffee, sugar and beef are the backbone of its revenues. Economic growth in recent years continued to be solid but has slowed down, and the strengthening of fiscal position remains a major policy challenge. The external position remains stable as robust growth in exports and tourist arrivals are dampening the negative effect on the current account of recovering oil prices. However, the country’s public debt load has been on the rise since 2008 caused by persistently high fiscal deficit as there is lack of political consensus in the implementation of fiscal consolidation.

Hong Kong – Costa Rica Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Costa Rica decreased by 24.3% from HK$1,128 million in 2016 to HK$854 million in 2017. The top three export categories to Costa Rica were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-21.0%), (2) electrical machinery, apparatus and appliances, and electrical parts thereof (-5.0%), and (3) office machines and automatic data processing machines (-49.2%), which represented 90.0% of total exports to Costa Rica.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Costa Rican buyers. In the past 12 months (from Oct 2017 to Sep 2018), there was no claim payment or payment difficult case reported against Costa Rican buyers.

Please click here to download the charts (PDF format).

Last update: 5 October 2018

Source: Economist Intelligence Unit

Political Highlights

The Philippines is a republic with a presidential form of government wherein power is equally divided among its three branches: executive, legislative, and judicial. The president, who is limited to a single six-year term, is both the head of state and head of government. The mid-term elections for the seats in Senate and House of Representatives are scheduled in May 2019.

The Philippines has faced separatist movements for four decades in the southern region. The previous Aquino administration and the Moro Islamic Liberation Front (MILF), the country’s largest Muslim rebel group, signed a comprehensive peace agreement in 2014. The deal grants the Mindanao region greater political autonomy in exchange for MILF’s abandoning full independence from the country. In July 2018, president Duterte signed the long-delayed law (Bangsamoro Organic Law), commencing the long and complicated process to implement the 2014 peace agreement with the MILF.

Economic Trend

^Forecast
Source: Economist Intelligence Unit

Source: Economist Intelligence Unit

Political Highlights

Palestine is an Arab state consisting of two distinct areas: the West Bank and the Gaza Strip. In the West Bank, Fatah, formerly known as the Palestinian National Liberation Movement, a secular political party lead by Mahmoud Abbas, is in power. In the Gaza Strip, the government is led by the Islamist group Hamas. Fatah and Hamas agreed to hold belated presidential and legislative council elections before the end of 2018, but chances of them being held are receding as a result of differences in ideology and attitude towards Israel conflict.

Palestine has had a long-standing conflict with Israel, Palestinians and Israeli Jews both claim descent from the ancient peoples of the lands they now contest. Israel refuses to consider Hamas a legitimate government, and only considers the leadership of the West Bank to be its legitimate negotiating partner. Since the Hamas’ group controlled the Gaza Strip in 2007, they have fought three wars with Israel. Despite the United Nations (UN) and Egyptian officials’ efforts to broker a peace deal in the past two decades, Israeli-Palestinian talks have remained stalled.

Economic Trend

The lack of peace has created a challenging economic situation in Palestine. Donor support has significantly declined in recent years and investor confidence remains weak because of the lack of political progress and ongoing restrictions put in place by Israel. According to the IMF, despite still solid growth in the West Bank, the sharp decline in activity in Gaza weighed on the Palestinian economy. In the first quarter of 2018, economic growth in the West Bank was close to 5% while the 6% decline in Gaza brought the overall growth rate down to 2%.

Palestine does not have its own currency. In the West Bank, the Israeli new shekel and Jordanian dinar are widely accepted. In recent years, attempts have been made to reduce reliance on the shekel, but there has been no significant progress.

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on buyers in Palestine with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from September 2017 to August 2018), there was no insured business on Palestine.

Last update: 24 Sep 2018

Source: Economist Intelligence Unit

Political Highlights

Kyrgyzstan, officially the Kyrgyz Republic, has been one of most unstable country in Central Asia, experiencing multiple revolutions and major ethnic violencein the early 1990s and in 2010. The country adopted a new constitution after the 2010 revolution, establishing a predominantly parliamentary system of government. In December 2016, further amendments to the constitution were made that shifted further powers from the presidency to the parliament and the prime minister. The amendments prevent the president from dismissing parliament or calling early elections. Sooronbai Zheenbekov, the Social Democratic Party of Kyrgyzstan (SDPK) candidate and a former prime minister, was elected as the country’s president in October 2017 and Mukhammedkaliy Abylgaziyev was nominated by SDPK as the prime minister in April 2018. The next parliamentary election is due in October 2020.

Kyrgyzstan joined the Russian-led Eurasian Economic Union (EEU) in 2015. The union aims to create a single market for the free movement of goods and services over a total population of more than 180 million people, in a similar way as the European Union. Kazakstan is one of Kyrgyzstan’s largest trading partner and also the main destination for exports of food and agricultural products, as well as the key transit country for trade with Russia and Eastern Europe. While bilateral relations have historically been cordial, their recent trade disputes in late 2017 have increased tensions. Specifically, Kazakhstan enforced strict controls and customs checks of goods from Kyrgyzstan, claiming the need to properly track the goods entering the EEU through the Kyrgyz borders. The dispute was resolved in December 2017 after an agreement was reached between the two countries.

Economic Trend

* Forecast
Source: Economist Intelligence Unit

The improving regional environment boosted the country’s economic activity, although the border tension with Kazakhstan slowed trade and dampened activity in late 2017. Economic growth reached 4.5% in 2017 and the main driver of growth was the industrial sector with a growth rate of 11.8%. Increased remittances and gold exports have narrowed the current account deficit and shored up foreign exchange reserves. Together with relatively low food and energy prices the country has kept inflation below the 5-7% target range despite the increase in economic activity.

The country was supported by a US$ 94.2 million three-year Extended Credit Facility (ECF) approved by the IMF in 2015. In exchange for the assistance, the government is required to implement prudent macroeconomic policies and structural reforms. Fiscal consolidation remains essential to rebuild buffers and ensure debt sustainability. Consolidation include focus on increasing tax revenues by implementing permanent measures, such as broadening the tax base and strengthening the tax and custom administration.

Hong Kong – Kyrgyzstan Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Kyrgyzstan increased by 54.5% from HK$59 million in 2016 to HK$91 million in 2017. The top three export categories to Kyrgyzstan were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+67.6%), (2) photographic apparatus, equipment and supplies and optical goods; watches and clocks (+125.2%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (+113.1%), which represented 92.5% of total exports to Kyrgyzstan.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Kyrgyzstani buyers with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from September 2017 to August 2018), there was no insured business on Kyrgyzstan.

Please click here to download the charts (PDF format).

Last update: 21 Sep 2018

Sources: Economist Intelligence Unit, World Trade Organisation

Political Highlights

Guyana is a presidential republic wherein the president is the Head of State, Head of Government and Commander-In-Chief of the armed forces. In 2015, a centre-left coalition government was formed consisting of A Partnership for National Unity (APNU, a mainly Afro-Guyanese group) and the Alliance for Change (AFC), led by president David Granger, and holds a slim majority of just 33 of 65 seats in the National Assembly. The opposition People’s Progressive Party/Civic (PPP/C), a largely Indo-Guyanese party, holds nearly one-half of the seats, enabling it to block attempts to reform the constitution. The next general election is due by May 2020.

Economic Trend

*Forecast
Source: International Monetary Fund

Subsistence agriculture on the basis of primitive methods and mining are Guyana's most important economic activities. The country’s top exports are gold, rice, bauxite and raw sugar. Economic growth slowed in 2017 on the account of lower than expected mining output and weak performance in the sugar sector. Economic growth is projected to be 3.4% in 2018, driven by continued strength in the construction and rice sectors, and a recovery in gold mining, according to the IMF.

The recent discovery of large offshore oil reserves in 2015 will boost the country’s economic situation. Oil production is expected to commence in 2020, and have significantly improved the country’s medium and long term outlook.

Hong Kong – Guyana Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Guyana decreased by 7.3% from HK$14.4 million in 2016 to HK$13.4 million in 2017. The top three export categories to Guyana were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+174.3%), (2) manufactures of metals (-17.8%), and (3) power generating machinery and equipment (+100%), which represented 75.0% of total exports to Guyana.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Guyanese buyers with payment terms in Irrevocable Letter of Credit (ILC).  In the past 12 months (from September 2017 to August 2018), there was no insured business on Guyana.

Please click here to download the charts (PDF format).

Last update: 19 September 2018

Source: The World Factbook

Political Highlights

Situated at a large upraised coral atoll in the South Pacific Ocean, Niue became a British Protectorate in 1900 and was annexed to New Zealand in 1901. In 1974, the people of Niue adopted a Constitution providing for self-government in free association with New Zealand. Under the Constitution, New Zealand provides necessary economic and administrative assistance, and is responsible for the country's defence. The British monarch is the head of state, while the premier is the head of government who is elected by the unicameral legislative assembly for a three-year team. Toke Talagi has been the country’s primer since 2008 and was re-elected in 2011, 2014 and 2017.

Economic Trend

Niue’s economy faces many constraints including limited land, poor soil and a lack of skilled professionals. In particular, the country has suffered a declining population in recent years. As Niueans are New Zealand citizens, many Niueans had emigrated to New Zealand for the purpose of working or studying. The economy is heavily reliant on the financial aid from and trade with New Zealand, including the New Zealand Aid Programme, which is aimed to support Niue’s government to provide core public services and develop the tourism industry. Besides, New Zealand is also the biggest trading partner of Niue, who depends on imported fuel and food from New Zealand to supplement its subsistence agriculture and fishing.

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (ECIC) imposes no restrictions on covering Niueans buyers. In the past 12 months (from September 2017 to August 2018), there was no insured business on Niue.

Last update: 17 September 2018

*Most recent data available
Sources: Economist Intelligence Unit, World Trade Organization

Political Highlights

Uruguay is a constitutional republic with an elected president and a bicameral legislature. It has a strong democracy and ranks highly in global institutional quality rankings. The broad political consensus has anchored the country’s political and economic stability. President Tabaré Vázquez assumed office in 2015 for a five-year term and the next presidential and parliamentary elections are scheduled in October 2019. Owing to term limit, Vázquez is barred for the next presidential election while his administration will continue to target growth and fiscal consolidation for the remaining period.

The Vázquez government's main goal is to boost Uruguay’s access to international export markets as a means of accelerating economic growth. The European Union (EU) and South America’s Mercosur bloc (Argentina, Brazil, Paraguay, and Uruguay) began a fresh round of trade talks in June 2018 with renewed optimism that negotiators may be nearing an accord. After 20 years of talks, the two sides have agreed most chapters in the accord, but differences over farm and auto industry issues remain.

Economic Trend

*Forecast
Source: International Monetary Fund (IMF)

Uruguay has been growing consistently over the past decade, and it recorded stronger GDP growth in 2017. A relatively tight monetary policy stance and an appreciating exchange rate have contributed to a notable decline in inflation, bringing it within the central bank’s target range of 3-7% for the first time in seven years. The current account balance has been improving and is now in surplus, while the government has reduced its fiscal deficit and continues to be able to access international markets on favorable terms. The increase in unemployment since 2014 has come to a halt (7.8% in July 2018), and the new round of wage negotiations the government initiated in March 2018 should contribute to reducing unemployment gradually to 7.3% by 2021, according to estimates by S&P.

Uruguay is a largely middle-class society with a relatively strong social contract that emphasizes consensus and social cohesion. The country has become increasingly integrated in world markets, benefitting from large inward foreign direct investment.

Hong Kong – Uruguay Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Uruguay increased by 21.2% from HK$647 million in 2016 to HK$784 million in 2017. The top three export categories to Uruguay were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+63.6%), (2) office machines and automatic data processing machines (+50.7%), and (3) tobacco and tobacco manufactures (-40.7%), which represented 79.9% of total exports to Uruguay.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restriction on covering Uruguay buyers. In the past 12 months (from September 2017 to August 2018), there was no claim payment or payment difficulty case reported against Uruguay buyers.

Please click here to download the charts (PDF format).

Last update: 13 September 2018

Source: Economist Intelligence Unit

Political Highlights

Bangladesh is a federal republic governed under a parliamentary system. The secular and ruling centre-left Awami League (AL) has been in power since 2009. It has been focusing on improving ties with India and limiting religious influences in politics. The president is the Head of State while the prime minister is the Head of Government. The legislature is a unicameral consisting of 350 seats of which 300 of them from the territorial constituencies and the remaining are reserved for women appointed by political parties. Prime Minister Sheikh Hasina was re-elected for her third term for another five years in 2014 after the ruling AL won a landslide victory in the general election. The next general election is due by December 2018, and it expect that the AL to maintain its majority in parliament.

The country is officially a secular society but with its Muslim-majority, the country has seen a rise of conflict and violent attacks. Tension between secularists and conservative Muslims will continue to pose threats to social stability. Although the country was classified as a lower middle income country by the World Bank and the government has made substantial progress in reducing poverty, almost 25% of the populations are still living in poverty. The government's priority is to promote economic development and continue to maintain its broadly business-friendly policies, in order to promote private-sector participation in the economy and attract foreign investment.

Economic Trend

* Estimates  ^Forecast
Source: Economist Intelligence Unit

Bangladesh is the second biggest garment supplier in the world, accounting for 6.5% share of the market in 2017, according to the World Trade Organisation (WTO). Garment manufacturing is the backbone of the country’s economy, generating approximately 80% of total export revenues. With plentiful supply of low-cost labor force, the country has been able to attract increasing amount of foreign direct investment in the sector. The consistent economic growth of over 6% over the past decade has made the country one of the world’s fastest-growing economies.

The government has implemented consistent monetary policy and fiscal discipline that help in stable economic growth in recent years. Inflation has eased to 5.5% in August 2018, helped in part by favorable agricultural production. Infrastructure remains the bottlenecks of economic growth in Bangladesh. The World Bank estimated that Bangladesh must spend US$7.4 billion – US$10 billion a year until 2020 to bring its power grids, roads and water supplies up to the standard needed to serve its growing population. Other priority sectors identified by the World Bank included water supply and sanitation, solid waste management, and telecommunications.

Hong Kong – Bangladesh Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Bangladesh increased by 1.0% from HK$11,616 million in 2016 to HK$11,757 million in 2017. The top three export categories to Bangladesh were: (1) textile yarn, fabrics, made-up articles and related products (-3.3%), (2) telecommunications and sound recording and reproducing apparatus and equipment (+13.5%), and (3) articles of apparel and clothing accessories (-2.7%), which represented 68.0% of total exports to Bangladesh.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Bangladeshi buyers. In the past 12 months (from September 2017 to August 2018), the insured business from Bangladesh was limited and there was no claim payment or payment difficulty case reported.

Please click here to download the charts (PDF format).

Last update: 13 September 2018

Source: The World Factbook

Political Highlights

The Commonwealth of Dominica (“Dominica”) is a republic with a non-executive presidency and parliamentary democracy. The president is the head of state elected by the House of Assembly and holds office for a term of five years, while executive power rests with the cabinet headed by the prime minister. Roosevelt Skerrit has been the country’s prime minister since 2004 and was re-appointed in 2009 and 2014. The unicameral parliament consists of a 30 members of which 21 of them are directly elected by universal suffrage.

While Dominica was still recovering from tropical storm Erika in 2015, the country was hard hit by the Hurricane Maria in September 2017, and living conditions have been tough ever since, as Maria caused widespread devastation with damages estimated at US$1.3 billion, or 226% of GDP. Economic recovery and reconstructions continued to dominate the political agenda. The government’s key priorities include securing financial backing for its new airport project, the key to expansion of the tourism industry, as well as helping farmers to adopt climate-smart practices and encourage resilient building practices in the housing sector.

Economic Trend

*Forecast
Source: International Monetary Fund (IMF)

In September 2017, the Hurricane Maria affected almost every household and economic sector of Dominica. The International Monetary Fund (IMF) has projected that the island’s output will decrease by 14% in 2018, largely due to the steep decline in agriculture and tourism services. The fall in output and government revenue, coupled with increased expenditure for rehabilitation and reconstruction, will lead to a substantial worsening of fiscal and external deficits.

The country’s near-term current account deficits will be financed mainly with official and bilateral loans, grants, and use of government deposits. The World Bank has approved a financing package of US$ 115 million over 3 years, of which US$ 75 million were concessional loans and the remainder was grants. The government is implementing cost-effective fiscal policies to support the recovery while containing the expansion of public debt.

ECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (ECIC) imposes no restriction on covering Dominica buyers. In the past 12 months (from September 2017 to August 2018), there was no insured business on Dominica.

Please click here to download the charts (PDF format).

Last update: 12 September 2018

Source: Economist Intelligence Unit

Political Highlights

Greece is a parliamentary republic with 300 members directly elected for a four-year term. The president is the head of state without executive powers while the prime minister is the head of government. Political uncertainty has increased following the outbreak of the Greek debt crisis in 2009, which the country has held four snap elections since then. The current coalition government, led by Prime Minister Alexis Tsipras, consists of Syriza Coalition of the Radical Left (Syriza) and the nationalist Independent Greeks (AE). The government has only a slim majority in the parliament and is vulnerable to another early election as there remains strong political and popular opposition to the austerity measures. The next parliamentary election is due by October 2019.

Greece faces the challenges of managing the refugee crisis. More than 1 million refugees and migrants arrived in Greece in 2015 and early 2016, according to the United Nations Refugee Agency. Despite a decline in arrival in 2016, the influx began increasing again from the second half of 2017, when the Greek government began taking over full responsibility for Greece’s refugee response. The refugee crisis is putting pressure on the government and adding burden to Greece’s already strained economy.

Separately, Greece and Macedonia set aside three decades of Macedonia naming dispute as the two countries reached a historic accord in June 2018. Under the deal, Macedonia will rename itself the “Republic of North Macedonia” which replaces the interim name “Former Yugoslav Republic of Macedonia” under which it joined the United Nations 23 years ago.

Economic Trend

^Forecast
Source: Economist Intelligence Unit

Source: Economist Intelligence Unit

Political Highlights

Egypt is a northern African country which emerged as a republic in 1953. The president is the chief of state elected by absolute majority vote for a four-year term and is allowed to serve a second consecutive term. The incumbent President Abdel Fattah el-Sisi won a second term in the March 2018 presidential election. The country adopts a unicameral legislature with 596 members in the House of Representatives. The prime minister Mostafa Madbouly is the head of government appointed by the president in June 2018.

Situated at the crossroads of Europe, Africa and Asia, Egypt plays a key role in regional stability. It also acts as important hub in international trade and energy markets through the operation of the Suez Canal connecting the Mediterranean Sea and Red Sea. The government's priorities include maintaining cordial ties with the US and European Union, building relationships with Russia and China, and seeking to secure economic support from the Gulf Arab states.

Along with Saudi Arabia, the UAE, Bahrain and other countries, Egypt declared a diplomatic boycott of Qatar in June 2017, accusing it of funding and supporting regional terrorism. It is expected that Egypt and Saudi Arabia will continue to step up efforts against security threats from Islamist groups, while the relations with Qatar will remain tense.

Economic Trend

*Estimate ^Forecast
Source: Economist Intelligence Unit

Source: Economist Intelligence Unit

Political Highlights

Senegal is a unitary republic with President as the head of state and the Prime Minister as the head of government. The country’s political environment has been relatively stable in the past years. The incumbent President Macky Sall is expected to secure another term in the 2019 election, given the ruling Benno Bokk Yakaar (BBY) coalition won another parliamentary majority in the legislative election in 2017.

Senegal is one of the poorest countries with nearly half of the population living in poverty. The government has made education and training a priority sector and has worked with multiple partners to support the implementation of the country’s education sector development plan. Furthermore, the government continues to secure foreign direct investment and work towards the development of a railway linking Dakar to the Casamance region, with the aim of boosting economic activity.

On a diplomatic front, Senegal maintains close ties with France, both economic and security-related. It is also co-operating with the US through a defence agreement signed in 2016. The US military also used Senegal as a staging post from 2014 to transport troops, health workers and supplies to West Africa to combat an outbreak of the Ebola virus.

Economic Trend

* Forecast
Source: International Monetary Fund

Senegal’s economic growth has remained above 6% over the past few years and reached 7.2% in 2017, driven by higher private investment, particularly in oil, energy, transport infrastructure, agriculture, tourism, textiles and information technology. Investments in the power sector in recent years will continue to underpin economic expansion throughout 2018‑22, while budget deficit and inflation is expected to increase driven by election and security spending.

The country’s structural current account deficit was attributable to its continued reliance on imports of energy and capital goods. It is expected that the deficit will continue to widen on slowing export growth as well as increasing capital imports.

The recent discovery of hydrocarbons gas and oil fields could further improve Senegal’s economic situation while extraction is likely to be complex for its underdeveloped industry. The World Bank has offered support to the country including practical advice and technical assistance, along with support for strengthening government capacity whenever it is engaged in complex gas negotiations.

Hong Kong –  Senegal Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Senegal increased by 43.7% from HK$961 million in 2016 to HK$1,381 million in 2017. The top three export categories to Senegal were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+43.2%), (2) non-ferrous metals (+211.7%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (+117.3%), which represented 98.0% of total exports to Senegal.

Source: Census and Statistics Department of Hong Kong

ECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (ECIC) imposes no restrictions on covering Senegal buyers.  In the past 12 months (from August 2017 to July 2018), there was no insured business on Senegal.